TMI BlogRefundsX X X X Extracts X X X X X X X X Extracts X X X X ..... (b) the assessment is annulled, the refund shall become due only of the amount, if any, of the tax paid in excess of the tax chargeable on the 4 [net wealth] returned by the assessee.] 5 [(2)Where refund of any amount becomes due to the assessee as a result of an order under this Act or under the provisions of sub-section (1) of section 16 after a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4) of section 16 and the Assessing Officer is of the opinion, having regard to the fact that (i) a notice has been issued, or is likely to be issued, under sub-section (2) of section 16 in respect of the said return; or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found to be in excess from the date on which such amount was paid to the date on which the refund is granted: Provided that, where the amount so found to be in excess was paid in instalments, such interest shall be payable on the amount of each such instalment or any part of such instalment, which was in excess, from the date on which such instalment was paid to the date on which the refund is granted: Provided further that no interest under this sub-section shall be payable for a period of one month from the date of the passing of the order in appeal or other proceeding: Provided also that, where any interest is payable to an assessee under this sub-section, no interest under sub-section (3) shall be payable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asons attributable to the assessee, whether wholly or in part, period of the delay so attributable to him shall be excluded from the period for which interest is payable and where any question arises as to the period to be excluded, it shall be decided by the Chief Commissioner or Commissioner whose decision thereon shall be final. (c) Where as a result of an order under 13 [sub-section (3) or sub-section (5) of section 16 or] section 17 or section 23 14 [or section 23A] or section 24 or section 25 or section 27 or section 29 or section 35 or any order of the Wealth-tax Settlement Commission under sub-section (4) of section 22D, the amount on which interest was payable under clause (a) has been increased or reduced, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent) Act,1987, w.e.f. 1-4-1989. 4. Substituted for "total income" by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 5. Substituted vide Direct Tax Laws (Second Amendment) Act,1989, w.e.f. 1-4-1989. Earlier sub-section (2), as amended by the Direct Tax Laws (Amendment) Act,1987, w.e.f. 1-4-1988 and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989, read as under: "(2) Where an order giving rise to refund is the subject-matter of an appeal or further proceeding or where any other proceeding under this Act is pending and the Assessing Officer is of the opinion that the grant of the refund is likely to adversely affect the revenue, the Assessing Officer may, with the previous approval of the Chief Commissioner or Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der passed under this Act, the refund of any amount becomes due to the assessee" 11. Substituted vide Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Before it was read as:-"two-third" Earlier it was amended by the Finance Act, 2002, w.e.f. 1-6-2002 and the Finance Act, 2001, w.e.f. 1-6-2001. 12. Omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. Before it was read as:- "and a half" 13. Inserted vide Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 14. Inserted vide Finance Act, 2000, w.e.f. 1-6-2000. 15. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Before it was read as:- "Wealth-tax Officer" 16. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
